LONDON (Alliance News) - Augean PLC said Thursday that it is trading in line with its plan for the year, despite seeing a slow start in its North Sea operations as adverse weather conditions reduced offshore drilling activity.
In a statement released ahead of its annual general meeting Thursday, Chairman Jim Meredith said that in the first five months of 2014 Augean has built on the progress it made last year and that the company retains its profit expectations for 2014.
While poor weather hit its North Sea operations, Meredith said an uplift in radioactive waste volumes compensates for the temporary fall in the North Sea business's revenues. Revenues in both divisions are now returning to original expectations during quarter two, he added.
Meredith said the group is now operating through the five businesses described in its annual report and accounts for 2013.
Last month the company bought the assets and surrounding land at its East Kent Waste Recovery Facility from the landlord of Discovery Park in Sandwich in a GBP1.5 million cash deal. The specialist waste management business said the purchase will expand its footprint in the region, granting freehold title over the areas covered by the original leases but also additional land to the south of the facility.
Shares in Augean were Thursday quoted at 46.25 pence per share, untraded.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
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